{"id":606985,"date":"2023-09-25T00:00:00","date_gmt":"2023-09-25T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/09\/25\/fintech-platform-neqabty-closes-usd-550k-seed-round-led-by-saudi-wealth-fund\/"},"modified":"2023-09-25T00:00:00","modified_gmt":"2023-09-25T00:00:00","slug":"fintech-platform-neqabty-closes-usd-550k-seed-round-led-by-saudi-wealth-fund","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/09\/25\/fintech-platform-neqabty-closes-usd-550k-seed-round-led-by-saudi-wealth-fund\/","title":{"rendered":"Fintech platform Neqabty closes USD 550k seed round led by Saudi wealth fund"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong> Saudi wealth fund leads seed round for Egypt fintech: <\/strong> Local fintech platform <a target=\"_blank\" href=\"https:\/\/www.neqabty.com\/\" style=\"\" rel=\"noopener\">Neqabty<\/a> has closed a USD 550k seed funding round led by investment company <a target=\"_blank\" href=\"https:\/\/www.sanabil.com\/en\/\" style=\"\" rel=\"noopener\">Sanabil Investments<\/a>, a subsidiary of Saudi Arabia\u2019s sovereign fund the Public Investment Fund, according to a <a target=\"_blank\" href=\"https:\/\/ent.news\/2023\/9\/1453.pdf\" style=\"\" rel=\"noopener\">statement<\/a> <a target=\"_blank\" href=\"https:\/\/ent.news\/2023\/9\/1453.pdf\" style=\"\" rel=\"noopener\">(pdf)<\/a> by Neqabty. Sanabil, which contributed the majority of the funds, was joined by a Saudi angel investor, Neqabty CEO Mohamed Gamal told Enterprise. Neqabty is raising funds to finance its local and regional expansion plans.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Neqabty: <\/strong>Founded in 2018, Neqabty connects professional syndicates and their members, enabling them to digitally pay for annual syndicate subscriptions and access related services. The platform was part of the <a target=\"_blank\" href=\"https:\/\/np.eg\/incubate\/software\/launchsaas\/\" style=\"\" rel=\"noopener\">LaunchSaaS<\/a> incubator sponsored by the Suez Canal Bank as part of the <a target=\"_blank\" href=\"https:\/\/np.eg\/en\/\" style=\"\" rel=\"noopener\">NilePreneurs<\/a> program, which is part-funded by the Central Bank of Egypt.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Big plans abroad: <\/strong>The company has inked an MoU with the syndicate of engineers in Ghana, Gamal said. It\u2019s also in talks to launch in Saudi Arabia and Portugal. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> \u2026and at home: <\/strong>Neqabty aims to have onboarded 45% of all Egyptian syndicates to its platform by the end of the year, according to the statement. The company is in talks to enlist the syndicates of commercial professions, lawyers, and applied arts, Gamal said. Groups currently on the platform include the syndicates of engineering, physical therapy, and agriculture. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Not the first time Sanabil has pitched in: <\/strong>Neqabty last year raised USD 100k in seed funding from 500 Global and <a target=\"_blank\" href=\"https:\/\/500.co\/accelerators\/sanabil-mena-seed-accelerator\" style=\"\" rel=\"noopener\">Sa<\/a> <a target=\"_blank\" href=\"https:\/\/500.co\/accelerators\/sanabil-mena-seed-accelerator\" style=\"\" rel=\"noopener\">nabil 500 MENA Seed Acc<\/a> <a target=\"_blank\" href=\"https:\/\/500.co\/accelerators\/sanabil-mena-seed-accelerator\" style=\"\" rel=\"noopener\">elerator<\/a>, a joint initiative by Sanabil and 500 Startups, according to Neqabty\u2019s <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/company\/neqabty\/about\/\" style=\"\" rel=\"noopener\">LinkedIn<\/a> page.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Sanabil previously backed the fintech startup via its Sanabil 500 MENA Seed Accelerator<\/p>\n","protected":false},"author":1,"featured_media":606986,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7258],"tags":[72,183,125,11622,7345,11623,219,95,123],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-606985","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-startup-watch","tag-enterpriseam","tag-fintech","tag-investment-watch","tag-neqabty","tag-public-investment-fund","tag-sanabil-investments","tag-saudi-arabia","tag-startup-watch","tag-startups","wpautop","entry"],"acf":{"mongo_id":"faec42de-8904-41cf-a6c6-6eaeae3e5bc5","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/9\/1461.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Egyptian fintech platform Neqabty closes USD 550k seed round led by Saudi wealth fund","related_issue":[606970],"teaser":"Sanabil previously backed the fintech startup via its Sanabil 500 MENA Seed Accelerator","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/9\/.be40d6ec-fa83-4162-b80a-00c56ba1782a.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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This is the first fund Thndr has offered on its platform\u2026","rel":"","context":"In &quot;Startup watch&quot;","block_context":{"text":"Startup watch","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/startup-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/2\/336.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":607518,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/10\/04\/intella-closes-usd-3-4-mn-seed-round-led-by-saudi-vcs\/","url_meta":{"origin":606985,"position":2},"title":"Intella closes USD 3.4 mn seed round led by Saudi VCs","author":"enterpriseam admin","date":"4 October 2023","format":false,"excerpt":"The fresh funds are fueling Intella\u2019s expansion into Saudi","rel":"","context":"In &quot;Startup watch&quot;","block_context":{"text":"Startup watch","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/startup-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/10\/278.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":547999,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/07\/21\/outsourcing-startup-stllr-closes-six-figure-usd-investment-round\/","url_meta":{"origin":606985,"position":3},"title":"Outsourcing startup Stllr closes six-figure USD investment round","author":"enterpriseam admin","date":"21 July 2022","format":false,"excerpt":"Egyptian outsourcing startup Stllr Network has closed a six-figure USD investment round from Silicon Valley VC 500 Global and angel investors through Women Spark and Falak Angels, it said in a statement (pdf). Investors from the Saudi Investment Ministry, ex-Microsoft and Oracle leaders, Accenture, Emkan and the Digital Cooperation Organization\u2026","rel":"","context":"In &quot;Startup watch&quot;","block_context":{"text":"Startup watch","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/startup-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/7\/226.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":555643,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/11\/22\/venturesouq-launches-usd-50-mn-mena-fintech-fund\/","url_meta":{"origin":606985,"position":4},"title":"VentureSouq launches USD 50 mn MENA fintech fund","author":"enterpriseam admin","date":"22 November 2021","format":false,"excerpt":"Dubai-headquartered Venture capital firm VentureSouq has formally launched a USD 50 mn fintech fund that has already made several investments in Egyptian startups this year, it said in a statement (pdf). The MENA Fintech Fund I has deployed capital in Egyptian digital trucking platform Trella, which this year closed a\u2026","rel":"","context":"In &quot;Startup watch&quot;","block_context":{"text":"Startup watch","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/startup-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/11\/546.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":544416,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/02\/saudis-sary-acquires-egyptian-marketplace-mowarrid\/","url_meta":{"origin":606985,"position":5},"title":"Saudi\u2019s Sary acquires Egyptian marketplace Mowarrid","author":"enterpriseam admin","date":"2 March 2022","format":false,"excerpt":"Saudi B2B wholesale marketplace Sary has acquired Egyptian e-commerce platform Mowarrid for an undisclosed amount, in the first step of Sary\u2019s plan to expand into MENAP markets, the companies announced in a statement (pdf) yesterday.About Mowarrid: Founded in 2018, the company operates in B2B food and grocery, offering more than\u2026","rel":"","context":"In &quot;Startup watch&quot;","block_context":{"text":"Startup watch","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/startup-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/3\/21.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/606985","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=606985"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/606985\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/606970"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/606986"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=606985"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=606985"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=606985"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=606985"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=606985"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}